EPRA Announces August and September Fuel Prices

EPRA Announces August and September Fuel Prices

EPRA Announces August and September Fuel Prices: In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, the Energy & Petroleum Regulatory Authority (EPRA) has calculated the maximum retail prices of petroleum products which will be in force from 15th August 2024 to 14th September 2024.

In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene remain unchanged.

The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.

The average landed cost of imported Super Petrol decreased by 1.06% from US$716.03 per cubic metre in June 2024 to US$708.47 per cubic metre in July 2024; Diesel increased by 1.62% from US$682.73 per cubic metre to US$693.82 per cubic metre while Kerosene increased by 1.87% from US$692.80 per cubic metre to US$705.74 per cubic metre.

EPRA Director Stated,” The purpose of the Petroleum Pricing Regulations is to cap the retail prices of petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers,”

”EPRA wishes to assure the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy and petroleum sectors,” he added.

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